I have a 65 wagon and I'm pulling the body apart for a complete clean up. When I removed the front fenders, I noticed that there is a large amount of what looks like plumbers putty in various places (some huge globs of it stuffed in some spots). Although the outer and inner fenders are solid, sometimes the putty trapped water and rust had started.

When putting everything back together, should I use this stuff or is there something better?

thanks.